09.14.02.05

.05 Promoters.

A. An applicant shall submit with an application a financial statement that has been notarized or certified by a certified public accountant and contains the following:

(1) Assets separately itemized;

(2) Liabilities separately itemized; and

(3) Other financial information that may be requested by the Commission.

B. In addition to the requirements of §A, of this regulation, a corporate applicant shall submit:

(1) A list of its articles of incorporation;

(2) A list of officers; and

(3) The name of the chief executive official designated to be responsible for all matters pertaining to the corporation.

C. Upon request of the Commission, an applicant shall provide additional evidence to demonstrate that the applicant has evidence concerning the financial ability to pay the taxes, purses, arena rental, personnel, advertising, and other expenses related to the contest.

D. An applicant for an original license shall appear in person at the offices of the Commission.

E. A licensed promoter may not delegate its duties and responsibilities to another party.

F. A surety bond, as required by Business Regulation Article, §4-306, Annotated Code of Maryland, to be executed by a promoter, shall be issued by a company which is an authorized insurer in this State and which is recognized by a national rating agency as having a rating of B or higher.